15 Tips to Keep Healthcare Costs Down as a Retiree

According to a study conducted by Fidelity, an average 65-year-old opposite-gendered couple who retired this year could expect to spend around $315,000 out of pocket on medical care costs in retirement.

This is a huge sum of money that can quickly drain your retirement accounts. But, while it is inevitable you'll spend more seeing doctors as you age, there are ways to keep costs in check.

Here are 15 tips that can help you limit your healthcare expenditures in your later years.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Did you know that if you do not sign up for Medicare during your initial enrollment period, you could end up dealing with the consequences of this delay for the rest of your life?

You will pay an extra 10% for each year you could have signed up for Medicare Part B but failed to do so. Medicare Part D could also cost you extra if you sign up late, as could Part A if you owe premiums for it.

If you want to keep care costs down, be sure to sign up as required to avoid needlessly increasing your insurance expenses.

ALSO READ: This Medicare Mistake Could Cost You for the Rest of Your Life

Medicare has different parts, including Part A, which pays for hospital care; Part B, which pays for routine outpatient care; and Part D, which pays for prescription drugs.

There are exclusions to coverage, though, including for most dental care and for most nursing care. And there are coinsurance costs and/or co-pays for routine outpatient care and often for prescriptions as well.

You need to know that Medicare won't cover everything so you can budget to pick up the tab when needed.

Medigap is an add-on to traditional Medicare. Medicare Advantage replaces traditional Medicare. Both offer extra coverage -- typically at a price.

While it may seem odd to pay for extra insurance if you are trying to keep healthcare costs down, it sometimes makes sense to get broader coverage in order to limit out-of-pocket spending later when you seek healthcare services.

ALSO READ: Is Medicare Supplement Insurance Right for You?

Over the course of your retirement, your healthcare needs may change.

For example, when you are younger and still in relatively good shape, you may not need to pay for the most comprehensive Medigap plan when you aren't seeking a lot of medical services.

But things can change, so don't feel like you have to stick with the same plan through the years. Assess the level of care likely and make your coverage decisions with this in mind.

Each year there is an open enrollment period when you have the opportunity to change your current coverage. You should shop around for plans during it.

Even if you think you are happy with your current insurance, another policy may have come along that's a better deal. It's worth checking if you want to keep healthcare spending down.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

It's important to know the nitty-gritty details of what your Medicare plan will pay for and what costs you must cover yourself. Often, this means reading the fine print -- especially if you have a Medigap or Medicare Advantage plan.

By becoming an informed consumer, you can try to seek primarily covered services in order to limit your out-of-pocket spending.

ALSO READ: 3 Reasons Medicare Coverage Isn't as Comprehensive as You Think

Taking care of your body by eating right can reduce the likelihood of developing serious and expensive health conditions. Avoid eating a lot of sugar and processed foods and try to stick with fruits, veggies, and home cooking.

Keeping healthcare costs down by maintaining better health is not just good for your pocketbook. It can help you enjoy all aspects of your retirement more.

Like eating right, exercise can help you improve your physical health. This can reduce spending on medical issues and enable you to enjoy retirement more. The sooner you start a workout regimen that works for you, the better.

ALSO READ: 70% of Seniors Will Face This Giant Expense -- and Many Are Unprepared

It's always better to catch little problems early. So, if you want to keep healthcare costs down, you should make sure to get plenty of preventative care.

Medicare usually pays for preventative services such as cancer screenings, so there's no reason not to get the care you need to help you stay healthy.

If you have a health savings account (HSA), you should consider using it to pay for your medical services when possible. HSAs allow you to make tax-free contributions.

If you withdraw and use the funds for covered medical care, you can also take tax-free withdrawals. This helps you save on care since you're paying with untaxed income.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Often, if you talk with your doctor about financial concerns, your physician will be able to help you find lower-cost care alternatives that are fully covered by insurance or that don't require you to pay as much out of pocket.

Your doctor may also be able to help you get free drug samples or discounts from manufacturers.

ALSO READ: Paying an Outrageous Price for Medication? Check Here to See if There's a Cheaper Option

Pharmacists are another great source of information. Often, they are aware of opportunities to save on prescriptions, which can be some of the largest costs seniors face.

A pharmacist may be able to suggest ordering a 90-day drug supply to reduce costs, for example, or could suggest discount prescription drug programs you could join to take advantage of extra savings.

Generic medications must be substantially the same as name-brand drugs. The U.S. Food and Drug Administration imposes strict regulations to ensure they are safe.

As a result, if you want to reduce healthcare spending, you should always ask if there is a generic alternative when your doctor prescribes a name-brand drug.

ALSO READ: How to Save Money on Prescription Drugs

Prescription medication prices can vary from pharmacy to pharmacy. Always shop around before you buy.

Consider getting prices not just from stand-alone pharmacies but also from pharmacies in big-box or warehouse stores. There may be much less expensive places to buy your drugs, but it's up to you to find them.

Finally, you should take advantage of all the benefits your insurance provides that help you improve your health. Often, this includes things like the Silver Sneakers program, which enables you to get a free gym membership.

By using these added perks, hopefully you can improve your overall health so medical care costs will decline.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

The more money you can save on healthcare spending as a senior, the more cash you will have left over to do other fun things.

Try to follow as many of these 15 tips as possible so your medical expenditures don't eat into your budget too much in your later years.

The Motley Fool has a disclosure policy.